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FINANCIAL NEWS
GCC to invest USD121b in power projects in 2015-19
02 Feb 2015
(MENAFN) Gulf hydrocarbon producers plan to invest about USD121 billion in projects during 2015-2019 to build new power plants and expand existing units to face growth demand, according to an official Arab study, Emirates 24/7 reported.
The investments by the six-nation Gulf Cooperation Council (GCC) account for more than a third of the total power project costs of about USD316 billion in the Middle East and North Africa (Mena) region, comprising the Arab countries and Iran.
The study by the Saudi-based Arab Petroleum Investment Corp, an offshoot of the Kuwaiti-based Organization of Arab Petroleum Exporting Countries (OAPEC), estimated power investment at USD92.1 billion in the Mashreq region, which comprises Egypt, Jordan, Iraq, Lebanon, Syria and the Palestinian areas.
It put costs at around USD40 billion in the Maghreb region, which includes Algeria, Tunisia, Morocco, Libya and Mauritania.
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